By Edafewoma Favour (SIWES student, Ogun State Institute of Technology Igbesa OGITECH)
Minister of Steel Development, Shuaibu Audu, is actively pursuing a N35 billion funding initiative from financial institutions to revive the Ajaokuta Steel Company.
This initiative aims to kick-start iron rod production as part of a phased plan to rejuvenate the steel company.
Collaborating with Stanbic IBTC Bank representatives, Mr. Audu presented the proposal, emphasizing the government’s broader objectives to enhance industrialization, diversify the economy, generate employment, and boost GDP.
As part of the comprehensive revival strategy, the Ministry of Steel Development is engaged in partnerships with financial institutions, such as Stanbic IBTC Bank, United Bank of Africa, and Voda Infrastructure Management Ltd.
These collaborations seek optimal financing options to re-establish the light steel mill in Ajaokuta. Moreover, agreements have been established with the Works Ministry to facilitate rod production sales and with the Ministry of Defence to secure a market for the products and support the establishment of a military complex in Ajaokuta.
Stanbic Bank’s CEO, Wole Adeniyi, expressed the bank’s keen interest in partnering with the Ministry of Steel Development, demonstrating a commitment to the project’s success. Discussions with various financial institutions aim to gather necessary details for informed decision-making, ensuring the sustainable development of the Steel Sector.
